Monday, January 30, 2006
FINANCIAL MEETING
As the daugher and son-in-law of apartment owners, we were entitled to attend a seminar on finances hosted by the Apartment Owners' Association of California. There, we heard 4 different speakers speak on various topics including managing apartments while making more money, asset protection, playing the stock market, and the fourth one I can't remember because we lost interest. I was pretty into the seminar overall, until I realized that everything they discussed ended with a sales pitch to buy their stuff.
Here is a very brief overview:
(1) www.drcashflow.net Nick Sidoti mentioned you should never sell any investment property. Just refinance it. He makes money by renting to federal government agencies for high-level disabled people and college students with good GPAs. The gov't will pay you top dollar and even self impose a raise of rent for you!
(2) Asset protection - Never own anything in joint tenancy, including your home. Get a single member Limited Liability Company (LLC) and a C corporation to manage it. The corporation should only manage, not own your assets. The LLC owns the assets.
Get a revocable living trust to eliminate probate taxes.
(3) Wall Street - The biggest investors invest in individual stocks themselves, not mutual funds.
I hope this is good food for thought.
As the daugher and son-in-law of apartment owners, we were entitled to attend a seminar on finances hosted by the Apartment Owners' Association of California. There, we heard 4 different speakers speak on various topics including managing apartments while making more money, asset protection, playing the stock market, and the fourth one I can't remember because we lost interest. I was pretty into the seminar overall, until I realized that everything they discussed ended with a sales pitch to buy their stuff.
Here is a very brief overview:
(1) www.drcashflow.net Nick Sidoti mentioned you should never sell any investment property. Just refinance it. He makes money by renting to federal government agencies for high-level disabled people and college students with good GPAs. The gov't will pay you top dollar and even self impose a raise of rent for you!
(2) Asset protection - Never own anything in joint tenancy, including your home. Get a single member Limited Liability Company (LLC) and a C corporation to manage it. The corporation should only manage, not own your assets. The LLC owns the assets.
Get a revocable living trust to eliminate probate taxes.
(3) Wall Street - The biggest investors invest in individual stocks themselves, not mutual funds.
I hope this is good food for thought.
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